A Home Refinancing Question?
Ok ... I literally don't have a great Knowledge in this Subject but I do want to find out concerning this Letter I receieved from one of the Agents .... incase its a light in the obscurity for me.
I have received a letter which mentions these things ...WHAT DOES THIS MEAN ??
you may refinance and possibly lock contained by a interest rate and get a good amount of brass from your home's estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction surrounded by in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this notification ........ is this for REAL ?
DO I HAVE ANY benifits out of this ??
Country Wide is being bought by Bank of America ... so I don't even know if all these is for physical ....
Any experts can let me know ..... ?? what does that Sentence mean ??
Answers:
OK economically there are a bunch of parts to that so I will do my best to provide some light to you on your go.
To refinance your mortgage you are essentiall paying off the first mortgage with a untried one. this can be done many ways either keeping alike loan terms or extending or shortening the term; adjectives of these will raise or lower your payment.
Locking surrounded by a new rate can mean one of two things: the first human being that the current mortgage is an ARM or adjustable rate mortgage where the loan is about to ratchet up to a hot interest rate. or you are just in a position to know how to benefit from a lower interest rate due to the rate reductions of late. Basically it is trying to achieve the loan holder to get a new loan at a different and hopefully better rate.
Now the cashing out equity division is generally a bad hypothesis as house values are going down and it will increase your debt which would be bad if all of a sudden you inevitability to sell so in today's bazaar a home equity cash out is pretty much a bad piece, however having a home equity line of credit isnt so doomed to failure in case of emergency where on earth you need to tap into some lolly, have the line of credit but dont use it unless it is a concrete emergency.
Of course Countrywide is being bought by BoA but that doesn't affect you or your parents. it just routine somebody else owns countrywide.
The letter is probably for real but if you dont own the condo later you probably will not directly benefit from it. Your parents may be in a position to lower their payments or protect their loan but it is up to them to investigate base on their current loan terms.
hope that helps
It is probably definite, but if you dont own the condo, it is of no benefit to you. Source(s): Oregon Realtor
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I have received a letter which mentions these things ...WHAT DOES THIS MEAN ??
you may refinance and possibly lock contained by a interest rate and get a good amount of brass from your home's estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction surrounded by in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this notification ........ is this for REAL ?
DO I HAVE ANY benifits out of this ??
Country Wide is being bought by Bank of America ... so I don't even know if all these is for physical ....
Any experts can let me know ..... ?? what does that Sentence mean ??
Answers:
OK economically there are a bunch of parts to that so I will do my best to provide some light to you on your go.
To refinance your mortgage you are essentiall paying off the first mortgage with a untried one. this can be done many ways either keeping alike loan terms or extending or shortening the term; adjectives of these will raise or lower your payment.
Locking surrounded by a new rate can mean one of two things: the first human being that the current mortgage is an ARM or adjustable rate mortgage where the loan is about to ratchet up to a hot interest rate. or you are just in a position to know how to benefit from a lower interest rate due to the rate reductions of late. Basically it is trying to achieve the loan holder to get a new loan at a different and hopefully better rate.
Now the cashing out equity division is generally a bad hypothesis as house values are going down and it will increase your debt which would be bad if all of a sudden you inevitability to sell so in today's bazaar a home equity cash out is pretty much a bad piece, however having a home equity line of credit isnt so doomed to failure in case of emergency where on earth you need to tap into some lolly, have the line of credit but dont use it unless it is a concrete emergency.
Of course Countrywide is being bought by BoA but that doesn't affect you or your parents. it just routine somebody else owns countrywide.
The letter is probably for real but if you dont own the condo later you probably will not directly benefit from it. Your parents may be in a position to lower their payments or protect their loan but it is up to them to investigate base on their current loan terms.
hope that helps
It is probably definite, but if you dont own the condo, it is of no benefit to you. Source(s): Oregon Realtor
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